Crypto: The Job Market Is Heating Up with the Rise of Bitcoin!

After a tumultuous year in 2022, the crypto market is making a comeback in 2023 with Bitcoin recently surpassing $40,000. The bullish uptick is prompting Web3 sector companies to rehire.

A Crypto Employment Bloodbath in 2022

2022 will be remembered as a dark year for employment in the crypto sphere. The spectacular collapse of FTX exploded like a bomb, triggering a chain reaction. The subsequent investor mistrust led to a bloodbath, according to the Coincer firm’s report: -95% in Bitcoin-related offers and -90% in crypto in general.

In the United States alone, 84% of positions were eliminated. Even giants like Coinbase, Crypto.com, or Consensys had to part with a significant portion of their workforce.

From large companies to startups, no one was spared. Ambitious projects supported by Disney, Microsoft, or HSBC were buried, leading also to substantial cuts in the dedicated teams. In short, the sector went through its worst crisis since its inception.

Positive Signals for 2023

However, after hitting rock bottom, the crypto market seems to be slowly picking up again in recent months. Driven by the return of institutional investors, Bitcoin has finally broken through and stabilized at $40,000. This gives hope to a severely tested ecosystem.

Some players are already starting to recall their troops. Blockchain.com has announced its intention to expand its teams by 25%, while the exchange platform PayBito plans to increase its workforce by 50%. Even HSBC, after abruptly closing its crypto department, seems to be discreetly re-entering the field by recruiting tokenization specialists.

In short, the gears are slowly starting to move again. By 2024, Primus Partners estimates that Web3 could generate 8 million jobs in India. And elsewhere, numerous startups raising chilly funds are currently riding the GameFi and NFT wave.

Towards a Sustainable Bull Market?

That said, this cautious optimism should be taken with a grain of salt. Because behind the current upturn, the crypto market remains structurally volatile and unpredictable. It’s difficult under these conditions to bet on a lasting recruitment recovery.

Indeed, some companies that resumed hiring, like Cake, had to backpedal with nearly 30% of positions cut within a few months. Proof that this revival remains fragile. We are still navigating by sight between dashed hopes and renewed promises.

If the upward trend is confirmed in 2024, there is no doubt that the crypto machine will really start up again, bringing with it a new surge in job offers.